Correlation Between HUMANA and Pimco All
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By analyzing existing cross correlation between HUMANA INC and Pimco All Asset, you can compare the effects of market volatilities on HUMANA and Pimco All and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HUMANA with a short position of Pimco All. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pimco All.
Diversification Opportunities for HUMANA and Pimco All
Average diversification
The 3 months correlation between HUMANA and Pimco is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pimco All Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pimco All Asset and HUMANA is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HUMANA INC are associated (or correlated) with Pimco All. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco All Asset has no effect on the direction of HUMANA i.e., HUMANA and Pimco All go up and down completely randomly.
Pair Corralation between HUMANA and Pimco All
Assuming the 90 days trading horizon HUMANA INC is expected to generate 4.07 times more return on investment than Pimco All. However, HUMANA is 4.07 times more volatile than Pimco All Asset. It trades about 0.04 of its potential returns per unit of risk. Pimco All Asset is currently generating about -0.03 per unit of risk. If you would invest 7,957 in HUMANA INC on January 24, 2024 and sell it today you would earn a total of 139.00 from holding HUMANA INC or generate 1.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 97.62% |
Values | Daily Returns |
HUMANA INC vs. Pimco All Asset
Performance |
Timeline |
HUMANA INC |
Pimco All Asset |
HUMANA and Pimco All Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Pimco All
The main advantage of trading using opposite HUMANA and Pimco All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pimco All can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Pimco All will offset losses from the drop in Pimco All's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Comfort Systems USA | HUMANA vs. Banco Macro SA |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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